Tracking Hackers: Court Considers Crypto Fraud

In what must be considered a reassuring judgment for those who might suffer from a hack or theft involving cryptocurrencies or digital assets, the English Commercial Court (the Court) has recently shown that it is willing and able to provide a remedy in connection with fraud involving cryptocurrencies, even in circumstances where the identity of the fraudsters is unknown and the relevant entities who may know the identity of the fraudsters are located outside of the court's jurisdiction.

Fetch.ai Ltd v Persons Unknown Category A [2021] EWHC 2254 (Comm)

In the decision of Fetch.ai Ltd v Persons Unknown Category A [2021] EWHC 2254 (Comm), the Court imposed a proprietary injunction and a worldwide freezing order against "persons unknown" (i.e. the fraudsters) who had accessed the claimants' trading accounts held on the Binance cryptocurrency exchange and transferred the claimants' to third-party accounts, resulting in losses to the claimants in excess of